Return of the 'seller's market'?

A Lido Beach Club condo gets a look Wednesday from a broker, left, and his
prospective buyer. A strong June for area real estate and diminishing
inventories have some in the industry seeing a developing trend: the return
of the seller's market.

In the territory covered by the Sarasota Association of Realtors, the June median sale price remained near the highest level of the year. Condo pricing also perked up substantially, data show.

Homes sold for a median price of $178,500, down 3.7 percent from May but 2 percent ahead of the same month in 2011.

The median price for condos was $195,000 in June, up 7.8 percent from May's level and 18 percent higher than the 12-month running median.

In Manatee County, single-family homes sold for a median price of $178,000 in June, up 5.6 percent from a month earlier and nearly 19 percent ahead of a year ago.

"The truth of it is, from 2006 to 2012 the market was really flat," said Perry Corneau, an agent with Premier Sotheby's International Realty.

"People were not looking. But people have been saving, waiting for the bottom to come. And now the bottom is probably past."

As an example of the dwindling inventory, this week Corneau showed a condo in the Alinari tower, on North Tamiami Trail in Sarasota, that suited the buyer's desire for a bay-view unit priced between $300,000 and $400,000.

Two years ago, there were likely four or five similar units available. Today, there is just the one.

Statewide, Realtors also posted better sales than the same period in 2011. In all, 18,800 homes and condos traded in June, roughly the same number as in May and 5 percent ahead of a year earlier.

The median price for homes around the state was $151,000, 2.7 percent higher than in May and 8 percent higher than a year ago.

"The Panhandle is a little soft yet, but the rest of the state is seeing this kind of a market again," said Furst, who also chairs the Florida Real Estate Commission, the licensing body for state real estate agents.

"It means we're trending back toward a seller's market, with a lack of inventory and units experiencing a shorter number of days on the market."

Inventory lows

Experts note the number of homes and condos for sale in Southwest Florida is at a seven-year low.

That drought of new homes to market may be responsible for slowing sales as much as the page on the calendar. "The only place we have a good supply of inventory is in the luxury end, and the luxury end is still percolating," said Tom Heatherman, spokesman for Michael Saunders & Co.

June sales of properties listed at $1 million dollars and up are 3 percent ahead of May and 79 percent ahead of a year ago, Heatherman said.

In Sarasota County, the number of single-family homes and condos listed for sale fell below 4,000 in June for the first time since June 2005, at the height of the housing boom, according to data from research firm TrendGraphix.

Inventory peaked in February 2007, at 13,511 properties. The current 3,929 for sale is down 72 percent from that height.

"If suddenly there were 1,000 short sales coming our way, I think a cheer would go up from our Realtors here," Heatherman said. "Inventory of any kind is welcome right now, and we've got the buyers to absorb it."

Manatee is experiencing the same dip in inventory, with brokers wishing they had more properties to show clients.

"We've got buyers here right now. But it is harder to find the properties for them," said Bea Weiss, a principal at Sea to Sky Realty, in West Bradenton.

She and her husband, who are from Germany, specialize in European clients who want residences they can rent out by the week when they are not using them.

"A lot of properties got picked up over the season," Weiss said.

Cash sales, meanwhile, continue to dominate the regional market.

For the first half of 2012, the Sarasota Association of Realtors' MLS statistics show nearly two thirds of all transactions are being completed with cash.

That is especially evident at the lower end of the market, said Robert Serena, an agent with Keller Williams of Manatee.

"It is tough to find a good property where you don't have to go in against multiple offers," Serena said. "Just a clean property where somebody can move in and maybe have to do something minimal."

<p>Sales of existing homes and condos in Southwest Florida continued to show strength in June, even as real estate agents say a lack of inventory has hampered greater activity.</p><p>There were 1,219 homes that changed hands last month in Sarasota and Manatee counties, down slightly from May but 18 percent ahead of the same month a year ago.</p><p>The June number is significant, too, because it defies a traditional dropoff in sales the region often experiences in summer months.</p><p>"What we've got is trending to be a seller's market again," said Darla Furst, who runs Michael Saunders & Co.'s Palmer Ranch office.</p><p>In the territory covered by the Sarasota Association of Realtors, the June median sale price remained near the highest level of the year. Condo pricing also perked up substantially, data show.</p><p>Homes sold for a median price of $178,500, down 3.7 percent from May but 2 percent ahead of the same month in 2011.</p><p>The median price for condos was $195,000 in June, up 7.8 percent from May's level and 18 percent higher than the 12-month running median.</p><p>In Manatee County, single-family homes sold for a median price of $178,000 in June, up 5.6 percent from a month earlier and nearly 19 percent ahead of a year ago.</p><p>"The truth of it is, from 2006 to 2012 the market was really flat," said Perry Corneau, an agent with Premier Sotheby's International Realty.</p><p>"People were not looking. But people have been saving, waiting for the bottom to come. And now the bottom is probably past."</p><p>As an example of the dwindling inventory, this week Corneau showed a condo in the Alinari tower, on North Tamiami Trail in Sarasota, that suited the buyer's desire for a bay-view unit priced between $300,000 and $400,000.</p><p>Two years ago, there were likely four or five similar units available. Today, there is just the one.</p><p>Statewide, Realtors also posted better sales than the same period in 2011. In all, 18,800 homes and condos traded in June, roughly the same number as in May and 5 percent ahead of a year earlier.</p><p>The median price for homes around the state was $151,000, 2.7 percent higher than in May and 8 percent higher than a year ago.</p><p>"The Panhandle is a little soft yet, but the rest of the state is seeing this kind of a market again," said Furst, who also chairs the Florida Real Estate Commission, the licensing body for state real estate agents.</p><p>"It means we're trending back toward a seller's market, with a lack of inventory and units experiencing a shorter number of days on the market."</p><p><b>Inventory lows</p><p></b></p><p>Experts note the number of homes and condos for sale in Southwest Florida is at a seven-year low.</p><p>That drought of new homes to market may be responsible for slowing sales as much as the page on the calendar. "The only place we have a good supply of inventory is in the luxury end, and the luxury end is still percolating," said Tom Heatherman, spokesman for Michael Saunders & Co.</p><p>June sales of properties listed at $1 million dollars and up are 3 percent ahead of May and 79 percent ahead of a year ago, Heatherman said.</p><p>In Sarasota County, the number of single-family homes and condos listed for sale fell below 4,000 in June for the first time since June 2005, at the height of the housing boom, according to data from research firm TrendGraphix.</p><p>Inventory peaked in February 2007, at 13,511 properties. The current 3,929 for sale is down 72 percent from that height.</p><p>"If suddenly there were 1,000 short sales coming our way, I think a cheer would go up from our Realtors here," Heatherman said. "Inventory of any kind is welcome right now, and we've got the buyers to absorb it."</p><p>Manatee is experiencing the same dip in inventory, with brokers wishing they had more properties to show clients.</p><p>"We've got buyers here right now. But it is harder to find the properties for them," said Bea Weiss, a principal at Sea to Sky Realty, in West Bradenton.</p><p>She and her husband, who are from Germany, specialize in European clients who want residences they can rent out by the week when they are not using them.</p><p>"A lot of properties got picked up over the season," Weiss said.</p><p>Cash sales, meanwhile, continue to dominate the regional market.</p><p>For the first half of 2012, the Sarasota Association of Realtors' MLS statistics show nearly two thirds of all transactions are being completed with cash.</p><p>That is especially evident at the lower end of the market, said Robert Serena, an agent with Keller Williams of Manatee.</p><p>"It is tough to find a good property where you don't have to go in against multiple offers," Serena said. "Just a clean property where somebody can move in and maybe have to do something minimal."</p>